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China Unionpay test the 1st consortium blockchain with JD Finance

9th May Beijing-China Unionpay and JD Finance announced that they have successfully finished the test run of consortium blockchain. It’s the first consortium blockchain being tested between China Unionpay and the internet conglomerate. Also it is the first project being achieved since the two entities announced strategic partnership in January 2017.

JD Finance and China Unionpay announced strategic partnership agreement in January 2017

As per the report, the two partners believe that blockchain technology is most important technical path for the Finance institutions to explore the blockchain technology. The issue of mutual trust among members could be solved. Besides, consortium blockchain is open and friendly to community growth and therefore an ideal solution.
The report doesn’t disclose the name of the project being tested and claim that the blockchain is being developed independently like the TRUSTSql by Tencent.
Smart contract code are successfully executed in the test. In the future, supply-chain finance, insurance claim and electronic papers are to be tested on the platform.
Currently the existing consortium blockchain are mostly concentrated on the non-core business of banking industry and still in its POC stage. JD Finance has always been the leading Fintech company in China. In early 2017, JD Finance has released a blockchain-based asset management system for factories. The authenticity and immutability feature help to

Cao Peng, VP of JD Finance, says:
“Block chain technology is a cutting-edge technology, JD Finance has been strategically watching the development of blockchain and hopefully a spiral ascendance could be achieved. Last year we achieved a number of POC scenarios. The collaboration with China Unionpay marks the transcendence from building applications to bottom platform, which renders the technology available and controllable to us.”
He also stress that Fintech is the core driving force for JD’s future development. In the next 3 years, JD Finance will invest capital and other resources in areas like blockchain, AI and big data with annual growth no less than 100%.

JD.Com is considered a strong rival to Alibaba and just presented a strong Q1 performance in 2017 at adjusted earnings of 15 cents a share on revenue of $11.1 billion.